Bitcoin on its way to $110,000: optimistic forecasts and bottom localization

Popular on the social network X crypto analyst Titan of Crypto said that the price of bitcoin is moving towards the $110,000 mark by 2025. The basis for such an optimistic forecast was based on technical analysis of the BTC chart, in particular the cup-and-handle formation.

“Bitcoin at $110,000 is on its way. The 'cup and handle' formation is still in play. Need a little more patience - the last quarter of the year is going to be epic!” - wrote an analyst on social media X.

The cup-and-handle formation is a popular bullish pattern that signals the continuation of an uptrend and is used to look for opportunities to open long positions on an asset.

Another technical indicator also points to a possible rise to $100,000 in the first quarter of 2025. Elja Boom, an analyst popular on social network X, said:

“Giant inverse 'head and shoulders' formation for BTC. When the breakout occurs, bitcoin will soar above $100,000. I predict the all-time high will be updated in the fourth quarter and $100,000 in the first quarter of 2025.”

One last correction before the rise?

Despite optimistic six-figure forecasts, bitcoin may face a continued correction before reaching new heights. However, some analysts believe that the decline will not be serious. For example, popular in Moustache expects the price will not fall significantly below $57,000:

“Many are waiting for a drop to $53,500, but I believe that BTC has already found the bottom or is close to it (around $57,000). This is assuming the chart continues to repeat the COVID-19 period fractal of 2020. It's a curious situation, isn't it?”

Bitcoin currently has strong support at the $57,000 level. A possible move below this mark would result in the liquidation of accumulated short positions worth more than $860 million, according to Coinglass data.